Infratil 2024 Annual Meeting

Annual
Shareholders’
Meeting
22 August 2024

1
Disclaimer
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To the maximum extent permitted by law, the Company, its affiliates and each of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents will not be liable (whether in tort
(including negligence) or otherwise) to you or any other person in relation to this presentation.
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to
be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investmentin the Company or that would be required in a product disclosure statement under the
Financial Markets Conduct Act 2013 or the Australian Corporations Act 2001 (Cth).
This presentation should be read in conjunction with the Company’s Annual Report for the period ended 31 March 2024, market releases and other periodic and continuous disclosure announcements, which are available
at www.nzx.com, www.asx.com.au or infratil.com/for-investors/.
Not financial product advice
This presentation is for information purposes only and is not financial, legal, tax, investment or other advice or a recommendation to acquire the Company’s securities and has been prepared without taking into account
the objectives, financial situation or needs of prospective investors.
Future Performance
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and performance. Forward-looking information is inherently uncertain and subject to contingencies outside of the Company’s control, and the Company gives no representation, warranty or assurance that actual
outcomes or performance will not materially differ from the forward-looking statements.
Non-GAAP Financial Information
This presentation contains certain financial information and measures that are “non-GAAP financial information” under the FMA Guidance Note on disclosing non-GAAP financial information, "non‐IFRS financial
information" under Regulatory Guide 230: ‘Disclosing non‐IFRS financial information’ published by the Australian Securities and Investments Commission (ASIC) and are not recognised under New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reportin g Standards (IFRS). The non-IFRS/GAAP financial information and financial measures
include Proportionate EBITDAF, EBITDAF and EBITDA. The non-IFRS/GAAP financial information and financial measures do not have a standardised meaning prescribed by the NZ IFRS, AAS or IFRS, should not be
viewed in isolation and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS, and therefore, may not be comparable to similarly titled measures
presented by other entities. Although Infratil believes the non-IFRS/GAAP financial information and financial measures provide useful information to users in measuring the financial performance and condition of Infratil,
you are cautioned not to place undue reliance on any non-IFRS/GAAP financial information or financial measures included in this presentation.
Proportionate Operational EBITDAF shows Infratil’s operating costs and its share of the EBITDAF of the companies it has investedin, excluding renewable development companies (Gurīn Energy, Galileo, Mint
Renewables). It excludes discontinued operations, acquisition or sale-related transaction costs and management incentive fees. EBITDAF represents consolidated net earnings before interest, tax, depreciation,
amortisation, financial derivative movements, revaluations, and gains or losses on the sales of investments.
No part of this presentation may be reproduced or provided to any person or used for any other purpose without express permission.

Annual Shareholders’ Meeting
PROGRAMME
CHAIR’S ADDRESS
01
CHIEF EXECUTIVE’S UPDATE
02
SHAREHOLDER QUESTIONS
03
RESOLUTIONS
04
CLOSE AND REFRESHMENTS
05

3
Online participation
Annual Shareholders’ Meeting

Section 1
Chair’s Address

5
Infratil’s Directors
Alison Gerry
Kirsty Mactaggart
Paul GoughPeter Springford
Anne Urlwin
Jason Boyes
Andrew Clark

6
Infratil broke new ground as one of the earliest listed infrastructure
funds, reshaping the landscape of investment possibilities
Chair’s Address
Over the past 30 years, Infratil’s vision has driven us to lead the way in
identifying and investing in emerging forms of infrastructure, such as
renewables, data centres, and diagnostic imaging
Our consistent approach of seeding and unlocking value has been the key
to our legacy of value creation
The catalyst for our recent equity raise was driven by strong thematic
tailwinds across our portfolio, particularly the new customer demand for
CDC’s data centres
The offer was met with overwhelming interest, being oversubscribed by
approximately 3-4 times in both the placement and the retail offer
Today, our portfolio is significantly weighted towards digital and renewable
energy, with a particularly high concentration in CDC
As Infratil is a complex business, we remain focused on enhancing our
disclosure practices
We are committed to delivering on our strategy of investing in ‘ideas that
matter’ through a consistent approach, disciplined execution, and a
continued focus on what drives success

Section 2
Chief Executive’s Update

8
Strong FY2024 result despite global and local economic uncertainty, strong thematic tailwinds continue to drive investment
Infratil highlights and achievements
This year we celebrate 30 years of Infratil's groundbreaking journey as an infrastructure
investor. Established three decades ago, Infratil broke new ground as one of the earliest listed
infrastructure funds, reshaping the landscape of investment possibilities for individual investors
FY2024 delivered operating performance slightly above EBITDAF guidance, with earnings
growth reflecting strong performances from CDC, Wellington Airport and One NZ
The after-tax return to shareholders for the year was 21.7%, delivering a return over the last ten
years of 22.0% per annum
$2.2 billion was deployed by Infratil across the portfolio, including $1.8 billion for Brookfield's
49.9% shareholding in One NZ to take full ownership
Laying the groundwork for future growth, $1.7 billion of proportionate capital expenditure was
also deployed by assets across Infratil’s existing digital and renewable businesses
In addition to the $935 million raised last year, since the annual result Infratil has raised
NZ$1,275 million in new equity to support CDC's accelerating growth and to provide flexibility
for ongoing investments across our portfolio
NZ$1,831m
Available capital
2
NZ$2,225m
Up 263% from FY23
FY2024 investment
22.0% (10-year annual return)
18.7% (30-year annual return)
Total shareholder return
1
Notes:
1.To 31 March 2024
2.Available capital as at 16 August 2024

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Complementary portfolio of higher return growth platforms supported by core cash generating businesses, centred on “ideas that matter”
Portfolio focussed on four high-conviction platforms
AirportsDigitalRenewablesHealthcare
~4% portfolio
2
~62% portfolio
2
~22% portfolio
2
~10% portfolio
2
Interest: 48.2%
Interest: 20.0%
Interest: 52.8%
Interest: 99.9%
Interest: 66%
Interest: 57.6%
Interest: 50.0%
Interest: 50.3%
Interest: 51.1%
Interest: 37.3%
Interest: 95%
Interest: 40%
Interest: 73%
Notes:
1.Return for the 30-years to 31 March 2024. The total shareholder return assumes an investor participated in Infratil’s IPO and that an investor reinvests all dividends at the time of receipt and participates in any equity raises or rights offerings so that they neither
take any money out or invest any new money into Infratil
2.Infratil Portfolio asset value represents the independent valuation of Infratil’s equity ownership or book value of its portfolio companies as at 31 March 2024
Targeting to reach
financial close in FY25
Infratil focuses on sectors and businesses with
strong defensive characteristics and opportunities
for scalable investment
Infratil is well positioned within these sectors,
benefiting from scale and jurisdictional
diversification, underpinned by attractive global
thematics (e.g. cloud, AI and data demand trends,
energy transition)
Infratil continues to target portfolio returns of
11-15% per annum (after fees) over a 10-year
period and has achieved a total shareholder return
of 18.7%
1
since its inception in 1994
Infratil’s cash-generating core assets (One NZ,
Wellington Airport and Manawa Energy), existing
capital position, and the equity raising provide
flexibility to support our high-growth platforms and
capital commitments

10
Highlights
CDC has accelerated construction and development across all regions due
to a transformative shift in customer demand, driven by AI advancements
CDC’s first Melbourne data centre has opened, adding an additional
34MW of operating built capacity
Having signed over 200MW
1
of new contracted capacity in FY2024, CDC
is now in advanced negotiations with new and existing customers for over
400MW
2
of additional capacity across multiple sites
The 720MW Marsden Park Sydney campus significantly expands CDC’s
future capacity and growth potential and is more than double the current
operating capacity
200MW+ of additional capacity is expected to commence construction in
the next 12 months
Unprecedented growth in data centre demand is creating greater opportunities for CDC to win new contracts and accelerate development
CDC (48.2%)
Notes:
1.200MW+ of new capacity contracted includes reservations and rights of first refusal
2.400MW+ of capacity expected to come online over the next 4-5 years
3.Weighted Average Lease Expiry including options
FY2025 EBITDAF
Guidance
A$320 – 330 million
302MW of operating
capacity
388MW of capacity
under construction
WALE
3
of ~32 years as at
31 March 2024
Melbourne Brooklyn 1

11
Highlights
One NZ is launching EonFibre, which we expect will enhance the utilisation
and valueof One NZ’s 11,000km of fibre assets
One NZplans to launch the SpaceX partnership shortly and has set up
Wallet, a new mobile loyalty scheme
One NZ’s solid financial performance is continuing following 13.7% growth
in EBITDAF in FY2024. While general market conditions remain
challenging, overall the business is performing in line with expectations
Growth continues in wholesale. Simplification and cost initiatives are on
track
Significant network upgrades continue, with investment in 446 4G and 5G
sites over the last 18 months. One NZ has been awarded NZ’s “Best in
Test” network for the third year in a row
One NZ key strategic priorities are on track with the launch of EonFibre, the SpaceX partnership and Wallet loyalty scheme. Soli d
performance continues through consumer mobile and wholesale growth in soft market conditions
One NZ (99.8%)
Notes:
1.As at 31 July 2024
2.2024, 2023, 2022 Independently tested by global leader in mobile benchmarking, umlaut
FY2025 EBITDAF
Guidance
$580 – 620 million
Invested in 446 4G & 5G
sites since start of FY24
5G rolled out to 49%
of population
1
New Zealand’s ‘Best in
Test’ mobile network for
three years running
2

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Highlights
In FY2024, 1.1GW of new capacity begun construction across two projects
and 209MW of new generation came online
652MW of new capacity has completed construction so far in FY2025 (Sun
Streams 3 (500MW) and Three Corners (152MW))
On track to complete revenue arrangements for the 1.6GW of projects
targeted for FY2025, however financial close of 0.4GW is expected to move
into early FY2026 to cater for final regulatory approval
Revenue arrangements for a further 1.6GW's for FY2026 signed or in
negotiation
US elections may result in changes to the Inflation Reduction Act, which
would be disruptive in the near term, butelectricity demand remains robust
Continue attractiveopportunities to acquire projects to complement
greenfield development, as smaller developers seek liquidity
Infratil expects to commit US$110m of additional equity in FY2025
Longroad continues to seek out attractive projects to grow its pipeline while focusing on delivering 1.5GW per annum of projects to
financial close and operations
Longroad Energy (37.3%)
Development Pipeline
28GW+ across more
than 20 states
652MW of new
generation so far in FY25
FY25 capex guidance
US$1.0 to $1.3 billion
1.1GW of generation
under construction
Sun Streams 3 Battery Yard

13
Asset upgrade programme
proceeding well, on track to deliver
78GWh annual volume lift
Secured land for 950MW+ of wind
and solar projects, including JV
with Pioneer Generation
FY2025 earnings downgrade
announced to market because of a
one-off bad debt provision and the
impact of challenging electricity
market conditions
Project Vanda has been awarded
a conditional licence to import
power into Singapore from
Indonesia supplied by a 2GW
Solar PV plant and 4.5GWh
battery. Continuing to progress
with financial close targeted for the
end of 2026
Project Zambales (75MW solar
project) expected to begin
exporting energy by the end of
August, a second Philippines
project (38MW solar project)
reached final investment decision
in April 2024
Land secured for the first phase
(240MW) of a 500MW 4-hour
battery storage facility in Japan
Total pipeline of projects is
~12.5GW across seven countries
Completed two successful sales in
FY2024, 800MW pipeline of wind
and solar projects in Northern
Europe and 140MW of solar
projects in Italy
Infratil’s other renewable energy platforms continue to generate significant investment opportunities across multiple jurisdicti ons
Other Renewable Energy
Diversified pipeline of over
3.3GWs across 4 Australian States
Growing policy momentum with the
Capacity Investment Scheme
expanded to 32GW (incorporating
renewables)

14
RHCNZ
Two clinics opened during FY2024 – Whangārei and Papamoa junction
Two new clinics have opened in Hamilton so far in FY2025, one of which,
Te Kōhao, is a partnership between local Iwi and Pacific Radiology
The Company has a pipeline of greenfield growth opportunities, targeting
high growth and underserved communities throughout New Zealand
As the only nationwide provider ofscale, RHCNZ is uniquely positioned to
address some of the waitlist and workforce challenges currently being
faced by Health New Zealand Te Whatu Ora
Qscan
Three clinics were opened in FY2024 – Newstead (QLD), Maroochydore
(QLD), Tweed Heads (NSW)
The Company has an identified pipeline of brownfield development
opportunities aimed at growing capacity and expanding clinic offerings,
and continues to assess Greenfield and M&A opportunities that are value
accretive to Qscan's existing clinic network
Ongoing radiology market growth and a focus on strategic and operational
initiatives, such as the development of bespoke pricing strategies for
clinics, is enhancing performance
Recent industry activity with two listed peers announcing a merger and a
thirdpeer announcing the carve out and sale of its DI division
FY2024 EBITDA grew 11% from prior year, the businesses continue to perform positively with a focus on operational and strategic
initiatives, including the adoption of AI technologies to enhance workflow efficiency and support diagnostic accuracy
Diagnostic Imaging
74 clinics
(up 2 since FY24)
163 Radiologists
(up 11% since FY23)
77 clinics
(no change from FY24)
135 Radiologists
(down 1% since FY23)

15
Highlights
Wellington Airport has finalised their pricing for the five-year long PSE5
window, benefiting from an uplift due to macro conditions at the time of
pricing which will be phased in across the 5-year pricing period
International passengers are up 13% year to date as Qantas continues to
fill capacity gaps. Domestic passengers are down 2% year to date as Air
New Zealand capacity pressure impacts domestic volumes in the short
term
2040 Masterplan continues to guide development, focusing on
facilitatinggrowth, and enhancing resilience with projects like sea
defences, a new airport fire station and earthquakestrengthening
Ground has been broken on the airport's expansion onto the southern part
of the former Miramar Golf Course
Our long-time co-shareholder Wellington City Council is considering
whether to proceed with a potential divestment of its shareholding – we
will continue to watch this with interest
Wellington Airport experienced a year of robust growth and sustained recovery, with passenger numbers recovering well
Wellington Airport (66.0%)
Year to date total
passengers flat on
FY2024
~NZ$600m of investment
(planned over next 5 years)
Wellington Airport Terminal

16
We are committed to integrating ESG principles across our portfolio to drive sustainable growth and long-term value
Sustainability in practice
of portfolio companies
measuring carbon footprint
Catalyse a rapid and efficient transition to a
low-carbon, resilient future
Support our people and communities to thrive
Published our second set of
climate related disclosures
of portfolio company
participation in GRESB
assessments
Published our inaugural
sustainability report
$3.3 million portfolio
weighted community
investment
43% Infratil female
board composition
(43% in FY23)
ZERO
Reported workplace
fatalities in FY24
0.57
Lost Time Injury
Frequency Rate (LTIFR)
1.23
Total Recordable Incident
Frequency Rate (TRIFR)
portfolio companies with
Health & Safety policies
Infratil becomes the first NZ financial institution to have its
science-based emissions reduction targets validated by the
Science Based Targets initiative
83
100
Up from 77 in FY2022
0.5 in FY23
1.23 in FY23
Zero in FY23
8.5
Negligible risk
2024 Climate Related Disclosures2023 Sustainability Report
FY2023 rating

17
We remain excited about the substantial ongoing investment
opportunities in all our platforms
Concluding remarks and outlook
We have a fantastic opportunity at CDC to capture the rapid
growth in AI-driven data demand and are excited to support the
CDC team to continue delivering world class data centres
The NZ$1.8 billion of capacity that we have strengthens our
ability to continue investing across our portfolio
We are closely monitoring the economic environment and
continue to maintain discipline to prioritise the highest value
opportunities for our shareholders
The FY2025 earnings outlook remains consistent with recent
guidance
As we reflect on the past 30 years, we are proud of the robust
returns and solid growth we've delivered to our shareholders
Investment in capability continues, with the Morrison team now
200+ across our key markets, with a global mix of operational
and investment experience to drive our future growth

Section 3
Shareholder Questions

19
Online participation
Annual Shareholders’ Meeting

Section 4
Resolutions

21
Re-election of Paul Gough
Resolution 1
ForAgainstDiscretionary
542,475,0041,600,858
8,898,681
98.10%0.29%
1.61%
Paul joined the Board as an independent director in 2012 and
was last re-elected in 2021. He is managing partner of the UK
private equity fund STAR Capital. He is a director of several
international companies in the transport, logistics, healthcare,
infrastructure and financial services sectors. Paul previously
worked for Credit Suisse First Boston in New Zealand and
London.
The Board supports the re-election of Paul.
That Paul Gough be re-elected as a director of Infratil

22
Re-election of Jason Boyes
Resolution 2
ForAgainstDiscretionary
542,533,3891,409,478
9,030,821
98.11%0.25%
1.63%
Jason is Chief Executive of Infratil and joined the Board in
2021. Jason is Chair of Longroad Energy and a director of
CDC Data Centres. He joined Morrison in 2011 after a 15-year
legal career in corporate finance and M&A in New Zealand and
London. Jason has an interest in Morrison, which has the
Management Agreement with Infratil.
The Board supports the re-election of Jason.
That Jason Boyes be re-elected as a director of Infratil

23
Payment of FY2023 Incentive Fee by Share Issue
Resolution 3
That Infratil be authorised to issue to Morrison Infrastructure
Management Limited (Morrison), within the time, in the
manner, and at the price, prescribed in the Management
Agreement, such number of fully paid ordinary shares in Infratil
(Shares) as is required to pay all or such portion of the third
instalment of the 2023 Incentive Fee (if payable) as the Board
elects to pay by the issue of Shares (2023 Scrip Option), and
the Board be authorised to take all actions and enter into any
agreements and other documents on Infratil’s behalf that the
Board considers necessary to complete the 2023 Scrip Option.
ForAgainstDiscretionary
460,322,95253,297,020
8,302,849
88.20%10.21%
1.59%

24
Payment of FY2024 Incentive Fee by Share Issue
Resolution 4
That Infratil be authorised to issue to Morrison Infrastructure
Management Limited (Morrison), within the time, in the
manner, and at the price, prescribed in the Management
Agreement, such number of fully paid ordinary shares in Infratil
(Shares) as is required to pay all or such portion of the third
instalment of the 2024 Incentive Fee (if payable) as the Board
elects to pay by the issue of Shares (2024 Scrip Option), and
the Board be authorised to take all actions and enter into any
agreements and other documents on Infratil’s behalf that the
Board considers necessary to complete the 2024 Scrip Option.
ForAgainstDiscretionary
460,255,76053,365,411
8,302,849
88.18%10.22%
1.59%

25
Auditor’s remuneration
Resolution 5
That the Board be authorised to fix the auditor’s remuneration.
ForAgainstDiscretionary
540,575,7883,460,801
8,921,467
97.76%0.63%
1.61%

Section 5
Close and refreshments

Annual
Shareholders’
Meeting
22 August 2024

28